Archive for the ‘Rent increase 2018’ Category

With low vacancy rates throughout British Columbia it’s important to encourage more people to become landlords.

When more good people are motivated to invest their hard earned savings into creating secondary suites in their homes or buying an investment condo it helps tenants. More landlords means more supply of high quality rental housing and gives tenants more options in finding a nice place to live.

Landlords Are Running a Business and Need To Keep Up With Increasing Costs

Successful Landlords Know the Importance of Maintaining Their Rental Property

Keep your property up can be expensive. Some repairs are urgent and obvious. The furnace might break. A toilet might need to be replaced. A fence might need to be repaired. A tree might need cutting down.

Other improvements might be upgrades to keep your current tenants happy or to make the property attractive to new prospective renters. This could mean new paint, new stairs, and lots of other expenses.

This is why BC landlords know it’s important to raise the rent each year. Especially as lots of new restrictive rule changes coming for landlords in BC.

Annual rent increase

22(1) In this section, “inflation rate” means the 12 month average percent change in the all-items Consumer Price Index for British Columbia ending in the July that is most recently available for the calendar year for which a rent increase takes effect.

(2) For the purposes of section 43 (1) (a) of the Act [amount of rent increase], a landlord may impose a rent increase that is no greater than the percentage amount calculated as follows:

percentage amount = inflation rate + 2%

Are Tenants Aware of The Challenges Small Landlords Face?

The good news is that most tenants are aware of the challenges small landlords face in running our rental businesses. The price of gas goes up, the price of utilities, the price of groceries.

Rent isn’t something special…it also need to go up to cover costs. Small landlords are not immune to rising costs.

Of course there are people out there who think all landlords are billion dollar corporations with unlimited funds.

The reality is the typical BC landlord is someone who has a regular job and is hoping to make a good investment or create a secondary suite to help them cover their mortgage.

However, Alberta landlords don’t have rent control and can raise the rent as much as the market can bear (as long as they provide property notice, etc.)

BC Landlords Are You Going To Raise the Rent in 2018?

Experienced and successful landlords across British Columbia know that it’s important for landlords to raise the rent according to the guideline each year.

Good tenants demand attractive and well-maintained properties and you need to be charging rents that allow you to offer what good tenants want. In order to keep your property great for tenants and also make sure you are running a profitable business it’s important to raise the rent in 2018.